30.12.044 - Removal of one or more directors of a bank, trust company, or holding company -- Effect upon quorum -- Procedure. - Washington Statutes

Removal of one or more directors of a bank, trust company, or holding company — Effect upon quorum — Procedure.

If at any time because of the removal of one or more directors under this chapter there shall be on the board of directors of a bank, trust company, or holding company less than a quorum of directors, all powers and functions vested in or exercisable by the board shall vest in and be exercisable by the director or directors remaining until such time as there is a quorum on the board of directors. If all of the directors of a bank, trust company, or holding company are removed under this chapter, the director shall appoint persons to serve temporarily as directors until such time as their respective successors take office.

[2010 c 88 § 23; 1994 c 92 § 66; 1977 ex.s. c 178 § 7.]

Notes: Effective date -- 2010 c 88: See RCW 32.50.900.

Severability -- 1977 ex.s. c 178: See note following RCW 30.04.450.